Federal Reserve Bank of Cleveland history

Federal Reserve branches were subsequently established by 1918 in Pittsburgh and Cincinnati.

Construction began in 1921.

Two years and $8.25 million later, the Fourth District Federal Reserve Bank formally opened on August 23, 1923, an event attended by an estimated crowd of 40,000.

The policy led to the beginning of recession in August 1929 and the crash in October.

Prior to the enactment of the Banking Act of 1935, the chief executive officer of each Federal Reserve Bank held the title of governor.

The Fed regained its independence from the Treasury in 1951, whereupon it began following a deliberate countercyclical policy under the directorship of William McChesney Martin.

In the December 1956 issue of Federal Reserve Notes, however, Cleveland Federal Reserve Bank President Wilbur D. Fulton announced the appointment of Anne J. Erste to assistant cashier, at that time an officer-level position, making her the first—and only—woman officer within the 12 Reserve Banks.

It wasn’t until 1978 that the Federal Reserve added a woman to its leadership ranks.

She first joined the Bank as an economist in 1983, serving during Horn’s tenure.

A few years into her five-year tenure, Horn helped to resolve Ohio's savings and loan crisis in 1985, when Home State Savings Bank in Cincinnati collapsed after losing millions of dollars in investments.

She left in 1987 to become chair and chief executive officer of Banc One Corp. in Cleveland.

By contrast, after providing funds following the attacks of 9/11 and the technology bust of 2001, it permitted the additional funds to remain in the money market once the threat of crisis was over.

The Cleveland Reserve Bank’s tenth president and chief executive officer, Sandra Pianalto, was the second woman to lead the Cleveland Reserve Bank, beginning her tenure in February 2003.

The Fed followed these rules in September 2007, although it is unclear whether the funds were provided at a penalty rate.

2014 - | Loretta J. Mester Title: President of the Federal Reserve Bank of ClevelandLoretta J. Mester began her term as president of the Federal Reserve Bank of Cleveland on June 1, 2014.

In 2021, Mester serves as an alternate voting member of the Federal Open Market Committee (FOMC), the monetary policymaking body of the Federal Reserve System.